General Plan - Moreno Valley

CHAPTER 8 – HOUSINGMORENO VALLEY GENERAL PLAN26 City of Moreno Valley, Economic Development Department, Building and Safety Division,Single Family Units Under Construction (9/14/04 Report). Based on a house price of $195,000; 100% ofmedian income of $54,300 for 2004 for a family of four; a 20% down payment, 7% interest rate, 30-yearamortization, 30% of income dedicated to housing expenses: Renaissance Park Tract #29143: 252 units(52 @ 1,435 sq. ft.; 83 @ 1,634 sq. ft.; 45 @ 1,705 sq. ft.; 72 @ 1,791 sq. ft.); Greystone Homes, Tract#219732 phases 1 & 2: 9 units at 1,397 sq. ft.; New Castle Development Tract #27525: 2 units at 1,470sq. ft.27 City of Moreno Valley, New Residential Construction-Single Family & Multi-Family.28 City of Moreno Valley, Technology Services, Residential Zoning Study: Inventory of VacantParcels and Inventory of Exception Parcels (10/28/04 Data).29 State of California, Health and Safety Code, Section 50079.5. A very-low-income household isa household whose annual income does not exceed 50% of the median income for the area, asdetermined by HUD, adjusted for family size.30 State of California, Health and Safety Code. A low-income household is a household whoseannual income does not exceed 80% of the median income for the area, as determined by HUD, adjustedfor family size.31 State of California, Health and Safety Code, Section 50093. A moderate income household isa household whose income does not exceed 120 percent of area median income, adjusted for family sizeby the department in accordance with adjustment factors adopted and amended from time to time byHUD pursuant to Section 8 of the United States Housing Act of 1937.32 Persons and families whose income exceeds 120 percent of area median income, adjusted forfamily size.33 Moreno Valley Municipal Code, Section 9.03.050.Page 8-116 July 11, 2006